John Deaton Exposes Complex Scenario Involving SEC Chairman Jay Clayton and Joseph Lubin
John Deaton, the Founder of CryptolawUS, has shed light on a complex scenario involving former SEC Chairman Jay Clayton, Sullivan & Cromwell (S&C), Joseph Lubin, Consensys, and several other key players with stakes in the digital currency empire.
Smart and Savvy Moves by Joe Lubin
- Joseph Lubin quickly hired Sullivan & Cromwell to represent his interests when Jay Clayton was nominated as SEC Chairman.
- Hiring S&C ensured Clayton’s recusal from voting on enforcement actions against Consensys.
- Lubin’s move to make S&C Partner Deputy General Counsel at Consensys and employing their lawyers was a brilliant tactic.
The Clayton-Hinman Connection
- Depositions reveal Clayton’s involvement in meetings with Lubin and Consensys.
- Clayton’s connection to Hinman raises questions about their relationship.
- Hinman’s association with Simpson Thacher and the profits received from his law firm add more intrigue.
The Ripple Case
- Clayton’s subsequent move to One River and his vote for an enforcement action against Ripple raise suspicions.
- The resulting lawsuit cost over $200 million.
- Warnings by Joe Grundfest were disregarded, highlighting a system that can be swayed by legal maneuvering.
The Unfolding of Events
- The choice of a law firm can be the difference between legal torment and regulatory advantage.
- The move by Lubin to hire S&C raises questions about the integrity of the system.
- The connections between Clayton, Lubin, Consensys, and others are a wake-up call.
Hot Take: The World of Cryptocurrency is Governed by Power and Money
The unfolding events expose a world where power and money write the rules, and innocent holders suffer the consequences. It is a reminder that the cryptocurrency industry needs stricter regulations to prevent manipulation and ensure a fair playing field.
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